{
  "id": 14248160,
  "title": "Shipping costs reach one third of crude oil value, energy ministers say",
  "url": "https://urgent.news/2026/10/13/shipping-costs-reach-one-third-of-crude-oil-value-energy-ministers-say",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-13T17:00:37.000Z",
  "source": {
    "name": "Hellenic Shipping News",
    "slug": "hellenic-shipping-news",
    "url": "https://www.hellenicshippingnews.com/shipping-costs-reach-one-third-of-crude-oil-value-energy-ministers-say/"
  },
  "original_language": "en",
  "account": "Energy ministers from OPEC and non-OPEC nations attending the Declaration of Cooperation disclosed that shipping and insurance expenses have surged to over one third of the crude oil commodity's value. This has posed significant challenges to the transportation of crude oil and its derivatives. The ministers convened during the International Energy Forum ministerial meeting and the World Petroleum Congress in Riyadh. They highlighted that energy supply disruptions have exacerbated inflationary pressures worldwide. Emphasizing the importance of safeguarding international maritime routes, the ministers stressed the need to mitigate these costs. They noted that the elevated shipping expenses are intensifying financial burdens on both oil-producing and consuming countries, thereby impacting global economic growth. The ministers promised to closely monitor the situation and collaborate with governments, industry stakeholders, and international organizations to improve global shipping conditions.",
  "summary": "Energy ministers from OPEC and non-OPEC countries participating in the Declaration of Cooperation said shipping and insurance costs have climbed to more than one third of oil’s commodity value, creating obstacles for crude oil and product transportation. The ministers met on the sidelines of the International Energy Forum ministerial meeting and the World Petroleum Congress ...",
  "key_points": [
    "Shipping costs now exceed one-third of crude oil value",
    "Energy ministers discuss surge during Riyadh meeting",
    "Elevated shipping expenses impact global economy"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}